S T A T E   O F   N E W   Y O R K
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                                  3970

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2009
                               ___________

Introduced  by M. of A. HYER-SPENCER, ALFANO, WALKER, TITONE, TOBACCO --
  Multi-Sponsored by -- M. of A. BARRA,  GABRYSZAK,  MAYERSOHN  --  read
  once  and  referred  to the Committee on Corporations, Authorities and
  Commissions

AN ACT to amend the public authorities law, in relation to the  transfer
  of surplus funds of the Triborough bridge and tunnel authority

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Subdivision 12 of section 553 of  the  public  authorities
law,  as  amended  by  section  3 of part O of chapter 61 of the laws of
2000, is amended to read as follows:
  12. To charge tolls, fees or rentals  for  the  use  of  the  project,
subject to and in accordance with such agreement with bondholders as may
be  made  as hereinafter provided. The toll rates charged for the use of
either the Triborough or Whitestone bridge project shall, however, never
be less than the toll rates charged for the use of the other,  and  this
clause shall be deemed an obligation to the holders of any and all bonds
at  any time issued secured by the revenues of said projects. Subject to
contracts with bondholders, all tolls and other  revenues  derived  from
any project shall be applied to the payment of operating, administration
and  other  necessary  expenses  of the authority properly chargeable to
such project and thereafter to the payment of interest or  principal  of
bonds  or  for  making  sinking  fund  payments for bonds, not otherwise
adequately provided for, whether issued in connection with such  project
or any other project. It is the intention hereof that surplus funds from
any  project remaining after providing for the payment of all operating,
administration and other necessary expenses of  the  authority  and  all
contract provisions with respect to any bonds, may be used to meet obli-
gations  incurred  for other projects and if not so used or reserved for
such use shall, at the discretion of metropolitan transportation author-
ity, be transferred to metropolitan transportation authority or New York

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01687-01-9
              

A. 3970                             2

city transit authority pursuant to section five hundred sixty-nine-c  of
this  title.  Subject  to  contracts with bondholders, the authority may
treat one or more projects as a single enterprise in respect  of  reven-
ues,  expenses,  the  issuance of bonds, maintenance, operation or other
purposes. NOTWITHSTANDING ANY PROVISION  OF  THIS  TITLE  OR  ANY  OTHER
GENERAL,  SPECIAL  OR  LOCAL LAW TO THE CONTRARY, TOLL RATES CHARGED FOR
THE USE OF ANY PROJECT OPERATED BY THE AUTHORITY SHALL NOT BE RAISED FOR
THE PURPOSE OF INCREASING THE AMOUNT OF THE SURPLUS FUNDS TRANSFERRED TO
THE METROPOLITAN TRANSPORTATION AUTHORITY OR THE NEW YORK  CITY  TRANSIT
AUTHORITY;
  S 2.  This act shall take effect immediately.